Finance Minister of Nigeria Ngozi Okonjo-Iweala reveals How Much Nigeria Has Earned For Crude Oil For 4 Years

The Finance Minister of Nigeria Ngozi Okonjo-Iweala revealed the sum of Nigeria’s profit for excess crude oil for 4 years. 

According to her words, Nigeria earned a huge $61.7 billion (about N12.3 trillion) in four years as excess crude oil money.

Okonjo-Iweala announced that Nigeria earned about $18.14 billion in 2011; $18.16 billion in 2012; $15.19 billion in 2013; $8.01 billion in 2014, and $2.17 billion in 2015.

The minister also disclosed that it spent about $13.57 billion in 2011; 2012 ($9.5 billion); 2013 ($12.91 billion); 2014 ($5.95 billion) and 2015 ($93.6 million) of that amount.

Okonjo-Iweala noted that the federal government spent about $10.85 billion (about N2.14 trillion) from the foreign excess crude revenue account savings on fuel subsidy payments to petroleum products marketers between 2011 and 2014.

A breakdown of the expenditure for fuel subsidy payments showed $1.818 billion was spent in 2011; $2.63 billion for 2012; $3.26 billion for 2013 and $3.14 billion for 2014. The subsidy expenditure for 2015 is not yet available.

The estimates showed that in 2011 about $3 billion was disbursed for distribution to the three tiers of government; $8.76 billion as augmentation for the shortfall in the year’s budgetary allocations; $1.82 billion transferred to domestic excess crude account for subsidy payment, while $901,627 accrued as interest on Sovereign Wealth Fund (SWF).

In 2012, about $2.5 billion was disbursed for distribution to the three tiers of government, while $3.37 billion was released for augmentation; $82.57 million for the National Integrated Power Programme (NIPP) power projects; $2.63 billion transferred to domestic excess crude account for fuel subsidy payments and $918.7 million for the Subsidy Re-Investment and Empowerment Programme (SURE-P).

In 2013, about $3 billion was disbursed for the three tiers of government; $4.02 billion for budget augmentation; $94.22 million for NIPP projects; $3.26 billion for fuel subsidy payment and $2.53 billion for SURE-P funds.

In 2014, $54.9 million was released for NIPP projects; $3.14 billion for subsidy payments; $459.52 million for SURE-P and another $1.84 billion for SURE-P as well as $455.40 million was released as special distribution to the three tiers of government, in addition to $8,275 as loss on early breaking of investment.

Since the beginning of 2015, only $93.6 million was released as special distribution to the three tiers of government, with the balance of the excess crude account currently at $2.08 billion.